Record transactions using a perpetual system (LO6-5) Gamegirl Inc., has the following transactions during August 6 Sold 70 handheld game devices for $200 each to DS Unlimited on account, terms 1/10, net 60. The cost of August the 70 game devices sold was $180 each. August 10 DS Unlimited returned six game devices purchased on 6th August since they were defective. August 14 Received full amount due from DS Unlimited Required: Prepare the transactions for GameGirl, In., assuming the company uses a perpetual inventory system. (If no entry is required for transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 4 Record the sale of inventory on account Note: Enter debits before credits. General journal Credit Date Debit August 06 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the cost of inventory sold Note: Enter debits before credits. Date General journal Debit Credit August 06 Record entry Clear entry View general journal Journal entry worksheet 3 1 2 4 Record DS Unlimited returning six game devices purchased on 6th August since they were defective. Note: Enter debits before credits. General journal Debit Date Credit August 10 Record entry Clear entry View general journal Journal entry worksheet 2 4 Record receipt of full amount due from DS Unlimited. Note: Enter debits before credits. Date General journal Debit Credit August 14 Clear entry View general journal Record entry

Answers

Answer 1

Answer:

GameGirl, Inc.

Journal Entries:

August 6:

Debit Accounts Receivable (DS Unlimited) $14,000

Credit Sales Revenue $14,000

To record the sale of handheld game devices, terms 1/10, net 60.

Debit Cost of Goods Sold $12,600

Credit Inventory $12,600

To record the cost of goods sold.

August 10:

Debit Sales Returns $1,200

Credit Accounts Receivable (DS Unlimited) $1,200

To record the return of six game devices.

Debit Inventory $1,080

Credit Cost of goods sold $1,080

To record the cost of goods returned.

August 14:

Debit Cash Account $12,672

Debit Cash Discount Allowed $128

Credit Accounts Receivable (DS Unlimited) $12,800

To record the receipt on account.

Explanation:

Gamegirl records the transactions in its accounting books as they occur.  Journal entries identify the accounts to be debited or credited for each transaction.


Related Questions

John Smith, a U.S. based businessman, paid the equivalent of $20 to an official of the country of Murundi to expedite the overnight delivery of critical documents. When questioned, John Smith claimed this was not a bribe. The $20 is an example of_______

a. a bribe.
b. an under-the-table payment.
c. a violation of the Foreign corrupt practices act.
d. a grease payment.
e. an inappropriate payment.

Answers

D- a grease payment

Southwest Components recently switched to activity-based costing from the department allocation method. The Fabrication Department manager has estimated the following cost drivers and rates:

Activity Centers Cost Drivers Rate per Cost Driver Unit
Materials handling Pounds of material handled $17 per pound
Quality inspections Number of inspections $210 per inspection
Machine setups Number of machine setups $2,600 per setup
Running machines Number of machine-hours $22.00 per hour

Direct materials costs were $300,000 and direct labor costs were $150,000 during July, when the Fabrication Department handled 3,900 pounds of materials, made 790 inspections, had 50 setups, and ran the machines for 16,000 hours.

Required:
Use T-accounts to show the flow of materials, labor and overhead costs from the tour overhead activity centers through Work in Process Inventory and out to Finished Goods Inventory.

Answers

Answer:

Southwest Components

T-accounts:

Raw materials Inventory

Date     Accounts Titles       Debit       Credit

July 31  Cash                      $300,000

July 31  Work in Process                     $300,000

Wages & Salaries Account

Date     Accounts Titles       Debit       Credit

July 31  Cash                      $150,000

July 31  Work in Process                     $150,000

Manufacturing Overhead

Date     Accounts Titles       Debit       Credit

July 31  Cash                      $714,200

July 31  Work in Process                     $714,200

Work in Process Inventory

Date     Accounts Titles       Debit       Credit

July 31  Raw materials       $300,000

July 31  Wages & Salaries    150,000

July 31  Overhead                714,200

July 31 Finished Goods Inventory      $1,164,000

Finished Goods Inventory

Date     Accounts Titles       Debit       Credit

July 31  Work in Process  $1,164,000

Explanation:

a) Data and Calculations:

Activity Centers        Cost Drivers                        Rate per Cost Driver Unit

Materials handling   Pounds of material handled           $17 per pound

Quality inspections  Number of inspections                $210 per inspection

Machine setups       Number of machine setups    $2,600 per setup

Running machines  Number of machine-hours      $22.00 per hour

Direct materials costs = $300,000

Direct labor costs = $150,000

Pounds of materials = 3,900

Inspections = 790

Setups = 50

Machine usage = 16,000 hours

b) Manufacturing Overhead costs, based on ABC:

Items                         Per unit cost                Units        Total cost

Materials handling   $17 per pound             3,900         $66,300

Quality inspections  $210 per inspection       790         165,900

Machine setups       $2,600 per setup             50         130,000

Running machines  $22.00 per hour       16,000        352,000

Total manufacturing overhead costs                          $714,200

b) It is assumed that there are no beginning and ending inventories.

Dusty Corporation began business on January 1, 2020. The corporate charter authorizes issuance of 100,000 shares of .01 par value common stock and 10,000 shares of $1 par value, 10% cumulative preferred stock. On July 1, 2020, Dusty issued 30,000 shares of common stock in exchange for three years of rent on a retail location. The cash rental price is $4,200 per month and the rental period begins July 1. How should Dusty adjust its financial statement for the issuance of the shares on July 1?

a. Increase cash by $151,200, and increase prepaid rent by $151,200.
b. Increase prepaid rent by $151,200, and increase common stock by $151,200.
c. Increase prepaid rent by $151,200, increase common stock by $300 and increase additional paid-in capital by $150,900.
d. Increase prepaid rent by $151,200, increase common stock by $150,900, and increase additional paid-in capital by $300.

Answers

Answer:

The answer is "Option c".

Explanation:

                                                                                                 Dr.                    Cr.

Prepayment of rent                                                            151,200

Popular stock                                                                                                  300

Extra capital expenditures                                                                      150,900

Dusty Corporation should adjust its financial statement to record the issuance of the shares on July 1, 2020 as follows:

c. Increase prepaid rent by $151,200, increase common stock by $300, and increase additional paid-in capital by $150,900.

Data and Calculations:

Authorized share capital:

100,000 shares, Common Stock at $0.01 par value = $1,000 ($100,000 x $0.01)

10,000 shares, 10% Cumulative Preferred Stock at $1 par value = $10,000 (10,000 x $1)

Analysis of Issuance:

30,000 shares, Common Stock at $0.01 par value = $300 (30,000 x $0.01)

Rental cost = $151,200 ($4,200 x 36 months)

Prepaid Expense $151,200 Common Stock $300 Additional Paid-in Capital $150,900 ($151,200 - $300)

Learn more: https://brainly.com/question/17168516

Using the following year-end information for Bauman, LLC, calculate the current ratio and acid-test ratio:_______. Cash $70,200 Short-term investments 12,800 Accounts receivable 49,500 Inventory 242,000 Prepaid expenses 18,000 Accounts payable 100,500 Other current payables 28,000a. 3.05 and 1.03. b. 2.91 and .97. c. 1.17 and 3.91. d. .97 and 3.05.

Answers

Answer:

a. 3.05 and 1.03

Explanation:

The formula for current ratio is

= Current assets/Current liabilities

= (Cash + Short term investment + Accounts receivable + Inventory + Prepaid expenses) / (Accounts payable + Other current payables)

= (70,200 + 12,800 + 49,500 + 242,000 + 18,000) / (100,500 + 28,000)

= 392,500 / 128,500

= 3.05

The formula for Acid test ratio is

= Quick Assets / Current liabilities

= (Cash + Short term investment + Accounts receivable) / (Accounts payable + Other current payables)

= (70,200 + 12,800 + 49,500) / (100,500 + 28,000)

= 132,500 / 128,500

= 1.03

These items are taken from the financial statements of Cullumber Company at December 31, 2022.


Buildings $88,872

Accounts receivable 10,584

Prepaid insurance 2,688

Cash 9,946

Equipment 69,216

Land 51,408

Insurance expense 655

Depreciation expense 4,452

Interest expense 2,184

Common stock 50,400

Retained earnings (January 1, 2022) 33,600

Accumulated depreciation—buildings 38,304

Accounts payable

Answers

Answer:

lkpojiuhygtfrdrswaqzxcvbnmkgsawru

Production possibilities frontiers usually curve out and away from the origin. The implication of this curvature is that:_________

a. the opportunity cost of producing a good stays the same regardless of how much of that good is produced.

b. the opportunity cost of producing a good goes down as more of that good is produced.

c. some resources are better at producing one good while other resources are better at producing alternative goods.

d. technological change is present.

e. as resources are used to produce one good, fewer resources are available to produce another good.

Answers

Answer:

The right response is Option C (Some resources..............goods).

Explanation:

It should be remembered whether PPF seems to be concave to something like the root, representing growing opportunity costs, in other words whenever one starts going down upon this PPF, the inventory cost between one item which requires to be substituted improves throughout addition maximize enhance the production of both of these commodities. The program is given when continuous and along output prospect boundary.

Some other options offered are not relevant to the case described. So the solution here was the right one.

You take out a 30-year mortgage to buy a house worth $415,000. The down payment is 17% and the annual interest rate is 3.5%. What are the monthly payments?

Answers

Answer:

The monthly payments are $1,546.73

Explanation:

The monthly payments can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV = Present value of the mortgage balance = Mortgage worth - (Mortgage worth * Percentage of down payment) = $415,000 - ($415,000 * 17%) = $415,000 - $70,550 = $344,450

P = Monthly payments = ?

r = Monthly interest rate return rate = 3.5% / 12 = 0.035 / 12 = 0.00291666666666667

n = number of months = 30 years * 12 months = 360

Substitute the values into equation (1) and solve for P, we have:

$344,450 = P * ((1 - (1 / (1 + 0.00291666666666667))^360) / 0.00291666666666667)

$344,450 = P * 222.694984964558

P = $344,450 / 222.694984964558

P = $1,546.73442715748

Approximating to 2 decimal places, we have:

P = $1,546.73

Therefore, the monthly payments are $1,546.73.

Total revenue for producing 8 units of output is $48. Total revenue for producing 9 units out output is $63. Given this information, the:
A. Average revenue for produce 9 units is $1
B. Average revenue for producing 9 units is $15
C. Marginal revenue for producing the 9 unit is $1
D. Marginal revenue for producing the 9 units is $15

Answers

Answer:

D. Marginal revenue for producing the 9 units is $15

Explanation:

TR(8) = $48

TR(9) = $63

MR(9) = TR(9) - TR(8) = $63 - $48 = $15

AR(8) = TR(8) / 8 = $48/8 = $6

AR(9) = TR(9)/9 = 63/9 = $9

Note: TR=Total revenue, AR= Average Revenue and MR=Marginal Revenue

So, the only correct option is option d

PLS HURRY!!!!
Write a short paragraph explaining the ecological benefits to high-yield agricultural techniques.

Answers

Answer:

The results suggest that more intensive production methods require less land, cause less soil loss, consume less water and may result in the production of fewer pollutants. Contrary to common belief, results from the study show that organic production is more ecologically damaging than conventional methods.

Explanation:

imagine a trader buys a put option on a stock with a strike price of 500 and pays a premium of 25. what is the traders break-even point g

Answers

Answer: $475

Explanation:

Break even point is simply a point whereby the total revenue and the total cost are equal.

Based on the scenario given in the question, the traders break-even point will be 500 - 25 = 475

The answer is $475

The EU regulates taxes on Internet sales and the amount of pollution differently than the U.S. government. U.S. companies doing business in the EU:A. Are required to comply with EU regulations only if their main headquarters are located within the European Union B. Must pay taxes to the EU when conducting all business globally if they wish to do any business in the EU. C. Must comply with EU regulations when doing business in the European Union only D. Are never required to comply with EU regulations as long as they are headquartered in the United States E. Have the option to conduct business under either EU or U.S. regulations

Answers

Answer: C. Must comply with EU regulations when doing business in the European Union only.

Explanation:

European Union tax and pollution laws are meant to bind only the area in the EU and not other areas. For instance, a Nebraska state law that is not law in other parts of the country only covers Nebraska and so can only be enforced there.

The same logic goes for the EU. Their laws are only applicable if you are in their area of control. This means that U.S. companies doing business in the EU must comply with EU regulations when doing business in the EU only.

What term represents a sample web page that replicates what the final website will look like?
O test page
O wireframe
O sitemap
O storyboard

Answers

Answer:

The answer is wireframe

Explanation:

Just took the test

Wireframe term represents a sample web page that replicates what the final website will look like.

What is website ?

A website, often known as a web site, is a collection of web pages and related material that is published on at least one web server and given a shared domain name.

The World Wide Web is the collective name for all publicly accessible websites. A company's internal website for its employees is an example of a private website that can only be accessed via a private network.

Most websites focus on a single subject or objective, including news, education, business, entertainment, or social networking. The navigation of the website, which frequently begins with a home page, is aided by hyperlinks between web pages.

On a variety of gadgets, including PCs, laptops, tablets, and smartphones, users can visit websites. A web browser is the name of the application used on these gadgets.

To know more about private network

https://brainly.com/question/23318736

#SPJ2

Explain the importance of feedback in the communication process.(3marks)

Answers

The importance of feedback in the communication process is it helps you give your honest opinion on that product, etc.

A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n):____________. a. Account balance. b. Trial balance. c. Ledger. d. Chart of accounts. e. General Journal.

Answers

Answer:

b. Trial balance.

Explanation:

In the trial balance the total of debit amount and the total of credit amount would be equivalent to each other. Here the debit involves assets, expenses, dividend while on the other hand the credit involves stockholder equity, liabilities, revenues

hence, the correct option is b.

And, the rest of the options are wrong

One year ago, you purchased 162 shares of Best Wings stock at a price of $39.44 per share. The company pays an annual dividend of $0.79 per share. Today, you sold for the shares for $38.03 a share. What is your total percentage return on this investment?

Answers

Answer:

the total percentage return on this investment is -1.57%

Explanation:

The computation of the total percentage return on this investment is shown below:

The total return Per Share is

= [(Price at End - Price at Beginning) + Dividend ]

= [($38.03 - $39.44) + $0.79]

= -0.62

Now the total percentage return on this investment is

= Total return per share ÷ initial investment × 100

= -$0.62 / $39.44 × 100

=-1.57%

Hence, the total percentage return on this investment is -1.57%

Applying ExcelData Unit sales 10,000 unitsSelling price per unit $70 per unitVariable expenses per unit $42 per unitFixed expenses $140,000Enter a formula into each of the questions below. If your formulas are correct, you should get the correct answers to the following questions. Show your work and formulas.(a) What is the break-even in dollar sales?Break-even in dollar _____(b) What is the margin of safety percentage?Margin of safety percentage _____(c) What is the degree of operating leverage? (Round your answer to 2 decimal places.)Degree of operating leverage _____3. Using the degree of operating leverage and without changing anything in your worksheet, calculate the percentage change in net operating income if unit sales increase by 20%Percentage increase in the operating income _____4. Confirm your calculations in Requirement 3 above by increasing the unit sales in your worksheet by 20% so that the Data area looks like thisData Unit sales 12,000 unitsSelling price per unit $70 per unitVarable expenses per unit $42 per unitFixed expenses $140,000(a) What is the net operating income? (Negative amount should be indicated by a minus sign.)Net operating income (loss) _____(b) By what percentage did the net operating income increase?Percentage increase in net operating income _____%

Answers

Answer:

Please see solution below

Explanation:

a. Break even in dollar sales

= [ Fixed cost / Contribution margin ] × Selling price per unit

Fixed cost = $140,000

Selling price per unit = $70

Variable expenses per unit = $42

BEP in dollars = [$140,000 / $70 - $42] × $70

= $350,000

b. Margin of safety percentage

= [ Current sales level - Break even point / Current sales level ] × 100

Current sales level = 10,000 units

Break even point = Fixed cost / Contribution margin

= $140,000 / $70 - $42

= 5,000 units

Margin of safety = [10,000 - 5,0000/10,000 ] × 100

= 50%

C. Degree of operating leverage.

= Contribution margin / Net operating income

Contribution margin = $70 - $42 = $28

Net operating income

Sales ($70 × 10,000)

$700,000

Less Variable cost ($42 × 10,000)

$420,000

Contribution margin

$280,000

Less Fixed cost

$140,000

Net operating income

$140,000

Degree of operating leverage = $280,000 / $140,000

= 20%

D. Percentage in net income

Sales ($70 × 12,000)

$840,000

Less variable cost

$420,000

Contribution margin

$420,000

Less fixed cost

$140,000

Net operating income

$280,000

Percentage change in net income

= [$140,000 / $280,000] × 100

= 50%

Issued common stock to owners in exchange for $26,000 cash. Purchased $6,500 of equipment, paying $1,950 cash and signing a promissory note for $4,550. Received $11,700 in cash for consulting services performed in January. Purchased $1,950 of supplies on account; all of the supplies were used in January. Provided consulting services on account in the amount of $20,800. Paid $975 on account. Paid $3,900 to employees for work performed during January. Received a bill for utilities for January of $4,400; the bill remains unpaid. What is the amount of total revenue to be reported on the income statement for the month of January

Answers

Answer:

Explanation:

2333

Green and yellow are adjacent on the color wheel; what does this mean?
They are complementary.
They are analogous.
O They are contrasting.
O They are contradictory.

Answers

Answer:

analogous

Explanation:

both green and yellow are a part of analogous

If the family will not budget their family resources or their efficiently what will happen?

Answers

Answer:

They will go broke

Explanation:

because if they spend over budget thats not enough money so they will be broke

List what you are thankful for! (((It's Thanksgiving (here)! Answer if you bake! Or if you like cakes pies cookies and treats!!!! )

Answers

Answer:

Family

Explanation:

HEY PLS DON'T JOIN THE ZOOM CALL OF A PERSON WHO'S ID IS 825 338 1513 (I'M NOT SAYING THE PASSWORD) HE IS A CHILD PREDATOR AND A PERV. HE HAS LOTS OF ACCOUNTS ON BRAINLY BUT HIS ZOOM NAME IS MYSTERIOUS MEN.. HE ASKS FOR GIRLS TO SHOW THEIR BODIES AND -------- PLEASE REPORT HIM IF YOU SEE A QUESTION LIKE THAT. WE NEED TO TAKE HIM DOWN!!! PLS COPY AND PASTE THIS TO OTHER COMMENT SECTIONS!!

Consider a capacity constrained process producing a high profit margin product. What will the impacts on revenue and profits be if processing time for the bottleneck resource is reduced by 10% while everything else remains the same?
A) No impact on revenue or profits
B) Higher revenue and profits
C) Lower revenue and profits
D) Higher profits with no change in revenue

Answers

Answer:

The answer is "Option B"

Explanation:

In this question, Higher incomes and profits are correct because it minimizes the congestion operating frequency by 10%. It takes a long time and decreasing the processing, which would have had an impact on revenue and profit directly. Performance would grow, generating additional sales, that's why choice b is correct.

Stephen is a day trader who constantly buys and sells only medical-related stocks. Stephen has _____ asset allocation strategy and a(n) _____ security selection strategy.

Answers

Answer: a passive; active

Explanation:

When a person or institution is said to have a passive asset allocation strategy it means that they either trade the same assets over and over or apply the same weighting to the asset class every time. Stephen only trades medical-related stocks so is using passive allocation.

An active security selection strategy means that the person or institution constantly changes and trades the stocks in their portfolio much like Stephen does when he constantly trades stock. Stephen is therefore using an active security selection strategy.

Explain the usefulness of the theory of constraints in the determination of the most profitable product mix for this furniture manufacturer.

Answers

Answer: More workers would need to be employed to improve productivity time

Explanation:

The theory of constraint looks at identifying vital factors that limit or stands as an obstruction in achieving a goal and soughting out ways of improving the situation till there is no limiting factor. This theory means that for the furniture manufacturer, for him to have more productivity, he would need to get more hands on deck, to quicken operations, reduce production time and improve productivity.

(TCO B) WordPerfect Corporation noticed that the more of its word processing software packages it sold, the more customers complained or suggested improvements. In such a situation, WordPerfect Corporation has the opportunity to:_________.
a. steadily improve its word processor software.
b. be acquired by a larger company that can take over the development of the product.
c. develop a completely new program.
d. discontinue production.

Answers

Answer:

a. steadily improve its word processor software.

Explanation:

Remember, although we are told WordPerfect Corporation customers complained they also suggested improvements. Meaning, the product isn't entirely bad but needs some improvements.

Instead of developing a completely new program or discontinue production, It makes logical sense for them to improve the word processor software to fit the needs of the customers.

If there is a net loss there will be a ___________ balance in the Income Summary account after all closing entries have been posted.

a. Debit
b. zero
c. Credit
d. not determinable

Answers

Explanation:

zero isthe right answer but i'm not 100%sure

Christine and Doug are married. In 2014, Christine earns a salary of $250,000 and Doug earns a salary of $50,000. They have no other income and work for the same employers for all of 2014. How much Medicare surtax for high-income taxpayers will Christine and Doug have to pay with their 2014 income tax return?
A. $450 B. $900 C. $2,700 D. None

Answers

Answer:

A. $450

Explanation:

In 2014, the Medicare surtax for high-income taxpayers started when married couples filing jointly earned over $250,000. in this case, Christine and Doug made $300,000, so the surtax = ($300,000 - $250,000) x 0.9% = $450

The Medicare surtax income threshold has not been adjusted to inflation and remains at the same level for 2020.

Total medicare contributions for high income taxpayers = 1.45% + 0.9% = 2.35%

This firm is currently operating at 84 percent of capacity. All costs and net working capital vary directly with sales. The tax rate, the profit margin, and the dividend payout ratio will remain constant. How much additional debt is required if no new equity is raised and sales are projected to increase by 12 percent?

Answers

Answer:

Most of the numbers are missing, so I looked for a similar question:

The Steel Mill is currently operating at 84 percent of capacity. Annual sales are $28,400 and net income is $2,250. The firm has current liabilities of $2,700, long-term debt of $9,800, net fixed assets of $16,900, net working capital of $5,000, and owners' equity of $12,100. All costs and net working capital vary directly with sales. The tax rate and profit margin will remain constant. The dividend payout ratio is constant at 40 percent. How much additional debt is required if no new equity is raised and sales are projected to increase by 12 percent?

if the firm is operating at full capacity, then it will need to raise new debt:

EFN = (A/S) x (Δ Sales) - (L/S) x (Δ Sales) - (PM x FS x (1-d))

A/S = $24,600 / $28,400 = 0.866

ΔSales = $28,400 x 12% = $3,408

L/S = $2,700 / $28,400 = 0.095

PM = $2,250 / $28,400 = 0.079

FS = $28,400 x 1.12 = $31,808

(1 - d) = 1 - 40% = 0.6

EFN = (0.866 x $3,408) - (0.095 x $3,408) - (0.079 x $31,808 x 0.6)  = $2,951.33 - $323.76 - $1,507.70 = $1,119.87

but if the firm is operating only at 84% (16% spare capacity), then it will not need to raise new debt:

EFN = (A/S) x (Δ Sales) - (L/S) x (Δ Sales) - (PM x FS x (1-d))

A/S = $7,700 / $28,400 = 0.271

since there is 16% of spare capacity, no new fixed assets will be required

ΔSales = $28,400 x 12% = $3,408

L/S = $2,700 / $28,400 = 0.095

PM = $2,250 / $28,400 = 0.079

FS = $28,400 x 1.12 = $31,808

(1 - d) = 1 - 40% = 0.6

EFN = (0.271 x $3,408) - (0.095 x $3,408) - (0.079 x $31,808 x 0.6)  = $923.57 - $323.76 - $1,507.70 = -$907.89

Please Help me, with this question for one of my class discussions.
Think of a product and describe the stages of production the product goes through.

Answers

Answer:

Well, it depends on the product. But, I'd say, first, an idea for the product. Creating/designing and refining the product is next. Then, when finally satisfied, begin mass production

Explanation:

The present value of a $100 three-year annuity due (first cash flow occurs today) discounted at a rate of 10% is equal to ________.

a. $300.00
b. $248.69
c. $273.55
d. $135.17

Answers

Answer: c. $273.55

Explanation:

The present value of an annuity due can be calculated thus;

= Annuity * present value interest factor of annuity due, 10%, 3 years

= 100 * 2.7355

= $273.55

Answer:

The present value of a $100 three-year annuity due (first cash flow occurs today) discounted at a rate of 10% is equal to ________.

b. $248.69

Explanation:

a) Data and Calculations:

The amount of the Annuity due = $100

Number of years for the annuity due= 3

Discount rate of the annuity due = 10%

Annuity factor from annuity table = 2.4869

Therefore, the present value of the annuity due = $248.69 ($100 * 2.4869).

which fiscal policy would most likely result in the largest budget deficit

Answers

Answer:

If the question asks for the largest SURPLUS the answer will be

High Taxation and Low Spending

Explanation:

There are two different questions make sure you read it correctly!!!!

The fiscal policy that would most likely result in the largest budget deficit is expansionary fiscal policy.

What is fiscal policy?

Fiscal policy refers to the use of the government budget to affect the economy. This includes government spending and levied taxes. The policy is said to be expansionary when the government spends more on budget items such as infrastructure or when taxes are lowered.

Such policies are typically used to boost productivity and the economy. Conversely, the policy is contractionary when government spending decreases or taxes rise. Contractionary policies might be used to combat rising inflation. Generally, expansionary policy leads to higher budget deficits, and contractionary policy reduces deficits. Expansionary Policy is when governments can spend beyond their tax-based budgetary constraints by borrowing money from the private sector. The U.S. government issues Treasury Bonds to raise funds, for example.

To meet its future obligations as a debtor, the government must eventually increase tax receipts, cut spending, borrow additional funds or print more dollars.

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